NEW YORK, July 19, 2023 (GLOBE NEWSWIRE) — Greystone Monticello, a bridge lending platform intended to serve as a one-stop shop provider of capital finance products and services for the multifamily and senior housing sectors, announced the closing of a $23 million bridge loan for the acquisition of a 176-unit multifamily property in Bedford, Texas. The financing was originated by Lance Wright of Greystone’s Dallas, Texas office on behalf of Rise48 Equity, with Dustin Dulin of JLL acting as correspondent on the transaction.
Rebranded as Rise Oak Creek upon acquisition, the acquired property comprises one- and two-bedroom units spread across 14 low-rise buildings on just over 8 acres. The property, which includes a resort-style pool, outdoor grilling areas and kitchen, clubhouse and business center, is conveniently located between Dallas and Fort Worth with easy access to Highway 183.
This 3-year bridge financing continues Greystone Monticello’s commitment to providing debt and liquidity to the multifamily market during a time of continued volatility.
“The timing of acquisition transactions often requires a flexible financing option, such as a bridge loan, in order to close quickly,” said Mr. Wright. “Greystone thrives on working with repeat clients like Rise48 Equity, in order to structure loans to allow substantial capex improvement plans and create significant value.”
“We’re excited to have executed our second loan with Greystone in the Dallas market. This low leverage loan and low 3-year interest rate cap allows us to employ a conservative financing strategy while mitigating against interest rate risk with little to no prepay penalty. We’ve already begun renovations on the asset and look forward to executing the plan,” added Zach Haptonstall, CEO, Co-Founder, Rise48 Equity.
About Greystone Monticello
The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries along with hands-on collateral asset management to help service our clients. Greystone Monticello provides clients with first-class service with breadth and depth of industry experience. For more information, visit www.greystonemonticello.com.
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance and a top-ranked FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
